By GMM News | 2024-03-12 | International Shipping News |

MOL Chemical Tankers (MOLCT), a wholly-owned subsidiary of Mitsui O.S.K. Lines (MOL), has completed its acquisition of all shares of Fairfield Chemical Carriers, creating a leading stainless steel chemical tanker company.

The all-cash transaction, which received all necessary regulatory approvals, was valued at about US$400 million.

“This marks the dawn of a new era in our company. We strive to be excellent operators in every aspect. The merger will result in a more robust fleet and a stronger service network for our customers,” said Akira Sasa, CEO of MOLCT.

Fairfield Chemical Carriers’ fleet, which includes 36 chemical tankers with stainless steel tanks, will join MOLCT’s existing fleet of 81 chemical tankers, most of which also feature stainless steel tanks, making it one of the largest fleets in the sector globally.

Sasa says MOLCT will initially operate Fairfield Chemical Carriers as a wholly-owned subsidiary as they learn more about the company and its operations. Based in Singapore, FCC also operates four sales offices in Connecticut (USA), Durban, Rotterdam, and Tokyo. The company employs approximately 65 people.

Anthony Dowd, CEO of Fairfield-Maxwell, said the transaction provides FCC with the resources it needs for further growth. “We look forward to seeing our colleagues and the MOL Chemical Tankers team achieve great success in the future,” he said.

The MOL Group, which anticipates growth in the chemical tanker business, has identified the sector as a key investment area in its group management plan “BLUE ACTION 2035.”

Sasa added that the merger with Fairfield, effective March 1, 2024, would broaden MOLCT’s business base and allow it to offer a wider range of services to its customers.